Algorithmic Trading

News & Analysis as of

Registration of Associated Persons with Algorithmic Trading Responsibilities

On April 7, 2016, the Securities and Exchange Commission (“SEC”) approved the Financial Industry Regulatory Authority's (“FINRA”) proposal to amend NASD Rule 1032 (Categories of Representative Registration) to require...more

The SEC Approves a FINRA Rule Amendment Requiring Registration of Associated Persons Who Design or Develop Algorithmic Trading...

On April 7, the Securities and Exchange Commission (SEC) approved amendments to NASD Rule 1032(f) which will require registration as Securities Traders of associated persons who are primarily responsible for the design,...more

Bridging the Week - March 2016 #4

Alleged Spoofer, Blamed for Partly Causing Flash Crash, Loses UK Extradition Hearing - Navinder Sarao, the London-based futures trader who in April 2015 was sued by the Commodity Futures Trading Commission and criminally...more

Bridging the Week - March 2016 #3

Industry Comments to Regulation AT Argue CFTC Proposed Rules Too Prescriptive; Registration and Source Code Requirements Particularly Objectionable - After declining multiple requests to extend the comment period that...more

REGULATORS, QUANT UP! New Rules from FINRA, SEC and CFTC Target Automated Algorithmic Trading

On February 11, 2016, the Financial Industry Regulatory Authority (“FINRA”) filed a proposed rule with the Securities and Exchange Commission (“SEC”) that would require individuals who “design, develop or significantly modify...more

Your daily dose of financial news The Brief – 2.23.16

It’s a whole new ballgame for Wall Street traders—and one suspects it’s involving a lot fewer actual ballgames and a lot more algorithms, as the advanced-degree coders and their ETF firms take on the old guard – NYTimes...more

FINRA Files Proposed Rule Requiring Registration of Associated Persons Who Design or Develop Algorithmic Trading Strategies

The Financial Industry Regulatory Authority (FINRA) has filed with the Securities and Exchange Commission (SEC) a proposed rule change that would require the registration of associated persons of FINRA member firms who are...more

Your daily dose of financial news The Brief – 2.16.16

2015 was not exactly the year of the hedge fund, and 2016’s starting off with its worst start for the industry since 2008. But if you think that’s keeping managers from starting new portfolios with an eye toward hitting it...more

SEC Adopts Rules on Non-US Firms That “Arrange, Negotiate, or Execute” Security-Based Swaps in the US

On Wednesday, the Securities and Exchange Commission (SEC) adopted rules that will affect firms operating in the global security-based swap market. Specifically, the SEC is requiring non-US firms that arrange, negotiate, or...more

New Year: New Regulatory Developments Affecting Managers of Hedge Funds, Private Equity Funds and Other Private Funds

Regulators were busy at the end of 2015, especially in the United States, perhaps being motivated to push forward new rule proposals in anticipation of a change in administration after the presidential elections later this...more

"CFTC Proposes Regulation AT for Automated Trading"

The Commodity Futures Trading Commission (CFTC) has proposed new rules — Regulation Automated Trading (Regulation AT) — that would impose new and potentially burdensome risk and compliance controls on any person engaged in...more

CFTC Proposes Regulation of Automated Trading

On November 24, 2015, the Commodity Futures Trading Commission (“CFTC”) approved the issuance of proposed rules to implement a framework of registration, reporting, recordkeeping and other compliance requirements for market...more

SEC Proposes Significant Regulatory Changes for Alternative Trading Systems

On November 18, 2015, the Securities and Exchange Commission (“SEC” or “Commission”) proposed significant changes to the regulatory requirements applicable to dark pools and other alternative trading systems (“ATSs”) that...more

CFTC Regulation Automated Trading (Regulation AT)

On November 24, 2015, the Commodity Futures Trading Commission (“CFTC”) held an open meeting at which it unanimously approved its long-anticipated notice of proposed rules referred to as Regulation Automated Trading...more

Derivatives in Review - December 2015

Prudential Regulators Approve Final Uncleared Margin Rules - In October, the prudential regulators approved a final version of the September 2014 re-proposed rule generally imposing initial and variation margin...more

Exchanges Prevail in Flash Boys-Inspired Suits

The practice of high frequency trading has been a hot-button issue of late, thanks in part to Michael Lewis’ 2014 book Flash Boys: A Wall Street Revolt, which examines the rise of this phenomenon throughout U.S. markets. ...more

CFTC Proposes “Regulation AT” for Automated Trading

I. Executive Summary - On November 24, 2015, the Commodity Futures Trading Commission (CFTC or Commission) proposed a new regulatory regime for automated trading on US designated contract markets (DCM) (Regulation AT or...more

MiFID 2: FCA Publishes MiFID 2 Markets Consultation

Despite the continuing absence of the Commission's Level 2 legislation implementing the revised Markets in Financial Instruments Directive and Regulation (MiFID 2) package, and the rumours of a delay to the implementation...more

Proposed CFTC Regulation To Impact Algorithmic Trading and Traders

On November 25, 2015, the Commodity Futures Trading Commission (the "Commission" or the CFTC) proposed a comprehensive set of new rules ("Regulation AT") that, if adopted, potentially would impose many new obligations on most...more

CFTC Proposes Significant New Regulations for Algorithmic Trading—What Investment Managers Need to Know

If you read one thing... - Proposed Regulation AT sets out minimum pre-trade safeguards and internal policy requirements on all “AT Persons,” which would generally include persons using algorithmic systems for generating...more

CFTC Proposes New Regulations For Algorithmic Trading

On November 24, 2015, the CFTC announced the new proposed Regulation Automated Trading (“Reg. AT”), which contains a variety of measures designed to prevent potential market disruptions arising from algorithmic trading. Among...more

Bridging the Week - December 2015

CFTC Brings First Insider Trading-Type Enforcement Action Based on New Anti-Manipulation Authority: Last week the Commodity Futures Trading Commission brought and settled its first enforcement action sounding in the...more

Between Bridges - November 2015

Last week, the Commodity Futures Trading Commission proposed a comprehensive set of new rules that, if adopted, potentially would impose many new obligations on certain CFTC registrants that use algorithmic trading systems to...more

CFTC Unanimously Approves Notice of Proposed Rulemaking on Regulation of Automated Trading

On November 24, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) held an open meeting to propose the regulation of automated trading (“Regulation AT”). According to the CFTC, the purpose of Regulation...more

Your daily dose of financial news The Brief – 11.25.15

A groundbreaking move by Calpers—California’s state pension fund—to disclose how much money it’s made from and paid to private equity funds ($24.2 billion and $3.4 billion, respectively, since 1990) may help pave the way for...more

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